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A recent study reveals that due to rising inflation and escalating living costs, many young adults who returned to live with their parents during the pandemic are still there.
The term “boomerang kid” is familiar to many, referring to college graduates who move back home for various reasons, such as job hunting or saving money. However, the pandemic led to a significant increase in young adults returning to their childhood homes. A new report indicates that over two years later, a substantial number of these individuals are still living with their parents—and there are compelling reasons for this trend.
Initially, many young adults returned home because they had little choice; colleges were closed, job opportunities were scarce, and lockdowns limited their options. Although some had intended to stay briefly, many have extended their stays longer than anticipated. Even as society has reopened, many young adults continue to reside at home.
According to a recent LendingTree report, approximately 67% of millennials and Gen Z members who moved back in with their parents in 2020 are still there. What’s holding them back from moving out? Numerous factors contribute to this situation, often intertwined. High student loan repayments and an ever-increasing cost of living have made it challenging for recent graduates to achieve financial independence. Even those who secure entry-level positions often find that their earnings are insufficient to cover housing expenses. “With inflation and rising interest rates, making ends meet in today’s economy is tough,” stated Alex Monroe, a senior economist at LendingTree.
The National Center for Education Statistics shows that the average salary for a Bachelor’s degree holder in 2022 is around $59,600. For instance, in major U.S. cities like Austin, Texas, the rent for a one-bedroom apartment can reach $2,245 a month—nearly half of a typical monthly paycheck.
The phenomenon of “boomerang kids” isn’t new; it has been increasing since the 1960s. Multigenerational living is prevalent worldwide, and a Pew Research Center report indicates that the number of households with multiple adult generations has quadrupled over the last five decades. The pandemic, however, has accelerated this trend, with millions of young adults returning home. “The pandemic acted as a short-term trigger, but current levels of young adults living at home are still significantly higher than pre-2019 figures,” remarked Sarah Thompson, a senior researcher at Pew.
Currently, about 25% of young adults live in multigenerational households, which is a 16% increase from the 1970s. Pew also found that typical adults aged 25 to 34 in such households contribute only 22% to the total household income, with their parents or caregivers covering the remaining costs.
Supporting adult children can be a substantial financial burden for parents, especially in a fluctuating economy where their own finances may be tight. Given the challenges in the job market and housing sector over the past few years, it’s unclear whether the trend of young adults moving back home will continue to rise. Only time will tell, but parents might want to hold off on converting that spare room into an office just yet.
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In summary, a significant number of young adults who returned home during the pandemic remain there due to high living costs and student debt. As the economy evolves, the trend of young adults living with their parents may persist, making it essential for families to navigate these changes thoughtfully.